Singapore legislation

Clause 11

Amendment of section 13G

Section 13G of the principal Act is amended by inserting, immediately after subsection (5), the following subsections:“(6) This section shall not apply to —

(a)

a trust that is constituted on or after 1st April 2019;

(b)

a company that is incorporated on or after 1st April 2019;

(c)

a trust that —

(i)

is constituted before 1st April 2019; and

(ii)

in the basis period in which 31st March 2019 falls, is not a foreign trust specified in the regulations under subsection (1) (referred to in this subsection and subsection (8) as a specified trust) that is administered by a trustee company in Singapore within the meaning of those regulations; or

(d)

a company that —

(i)

is incorporated before 1st April 2019; and

(ii)

in the basis period in which 31st March 2019 falls —

(A)

is not an eligible holding company established for the purposes of a specified trust, and specified in the regulations under subsection (1); or

(B)

is not administered by a trustee company in Singapore within the meaning of those regulations.(7) Where, in any basis period beginning on or after 1st April 2019 —

(a)

a trust or company does not satisfy the requirements referred to in subsection (8); or

(b)

the trustee company which administers a foreign trust or an eligible holding company established for the purposes of a foreign trust fails to comply with any of the regulations under subsection (1),then this section shall not apply to the trust or company in paragraph (a), or the foreign trust or eligible holding company in paragraph (b), for the year of assessment to which that basis period relates, and for every subsequent year of assessment even if the requirements are satisfied and the regulations are complied with in the basis period for that subsequent year of assessment.(8) In subsection (7), the requirements are —

(a)

in the case of the trust, that it is a specified trust and is administered by a trustee company in Singapore within the meaning of those regulations; or

(b)

in the case of the company —

(i)

that it is an eligible holding company established for the purposes of a specified trust, and specified in those regulations; and

(ii)

that it is administered by a trustee company in Singapore within the meaning of those regulations.”.

Read in full context — Income Tax (Amendment) Bill →